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Morning Bell 26 March

Jessica Amir
March 26, 2021

Bank stocks like JPMorgan Chase rose 1%, following an announcement by the Fed that big banks will be able to resume normal dividend payouts and share buy backs from 30 June. Citi, Wells Fargo and Goldman Sachs followed JPMorgan Chase’s rise.

Economic News:

  • Weekly unemployment claims fell to their lowest level in a year; jobless claims fell to 684,000 last week – far lower than forecast.
  • Economic growth rose 4.3%, beating the expected 4.1%.
  • The Dow Jones rose 0.6%, with Boeing outperforming rising 3.3%, American Express followed.
  • The Nasdaq rose 0.1%.  – The standout was travel and restaurant booking site, Booking Holdings up 3%

What to watch today:

  1. Futures suggest the Aussie share market will lift 0.3%. The ASX200 trades 1.3% higher this week, which is the market’s best gain in 5 weeks.
  2. As restrictions lift in NSW on Monday, Pub owner ALE (ASX:LEP), and Redcape Hotels (ASX:RDC), and Hotel Property Investments (ASX:HPI) are worth watching.
  3. Victorian restrictions ease tonight, keep an eye on Centuria office REIT (ASX:COF) and retailer Home Consortium (ASX:HMC)
  4. The cargo ship blocking the Suez Canal, in Egypt – a route that sees 12% of global cargo moving through it and 10% of the world’s oil supply.
  5. Oil fell 4% on Europe demand concerns, as the EU is worried about the vaccine rollout amid increased restrictions.
  6. For our active trader desk, Bell Direct Advantage the most traded stocks were; Airtasker (ASX:ART), Renascor Resources (ASX:RNU), Oneview Healthcare (ASX:ONE)

Trading ideas:

  • Bell Potter reiterated Aroa Biosurgery (ASX:ARX) as a speculative buy with a $2.00 target – for more on the new research head to our website.
  • Lastly – Pro Medicus (ASX:PME), Metcash (ASX:MTS), Big River Industries (ASX:BRI) could be worth a look as they’re giving off bullish charting signals according to Trading Central.

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